The dollar continued to push higher Thursday, particularly against emerging-market currencies, after minutes from the U.S. Federal Reserve’s July policy meeting Wednesday showed little change in the message the Fed has been sending to markets since the end of May — the central bank will start winding down the $85 billion-a-month bond-buying program by the end of the year if the economy strengthens as expected. Treasurys hit a new two-year low.

Yet, investors were left on tenterhooks about when or how aggressively the Fed will make the move, and the debate among market participants remains open on the timing of this process, known as tapering, rumbles on.

Here is a rundown of their views:

Schroders, senior portfolio manager Gareth Isaac: ““There are many emerging market economies, especially in Asia that should perform well over the medium to long term. However, in the near term, volatility will likely persist while the market digests the implications of Fed tapering and the prospect for higher rates in the U.S. The ability of banks to provide liquidity to the bond markets has diminished dramatically since 2008, so in periods of stress, like now, market moves are amplified by lack of depth and liquidity. Fundamentally there are opportunities in some EM but the lack of liquidity could push the market further still from fair value especially if liquidations in EM funds continue. As I see now, we are still in a risk-on environment although the global economy does remain fragile and is vulnerable to external shocks. Dollar-hungry emerging market countries will stay under pressure as anticipation of tapering intensifies.”

Pimco, portfolio manager Thomas Kressin: “Unless we will get disastrous non-farm payroll numbers tapering will be in September, but a reduction of $20 billion in the program is already well priced in. Markets are now mostly reacting to positive economic fundamentals. But we must not forget that growth over the last quarters was mainly driven by easy money and when the stimulus will be withdrawn we will see consequences on growth projections. We don’t separate between developed and emerging market currencies, but approach them in a unified way. We have been bullish on emerging market currencies in the long-term, but when the tapering debate started we tactically scaled back our positions.”

Stone Harbor Investment Partners, portfolio manager Angus Halkett: “The Fed realizes and understands that they have to guide the market in this direction because of the improvement in the U.S. economy. To their credit they are sending a very consistent message. The problem for emerging markets is that there’s the Fed, but there’s also a continued reduction in growth expectations. There’s nothing that policymakers can do about either of those in the near term. But longer term, a strong U.S. is good for emerging markets. It’s good for emerging-market credit and currencies. It’s good for markets that are closely linked to the U.S., like Mexico.”

GAM, investment director of emerging-market debt Paul McNamara: “I don’t think a September taper is off. There was a chance for the Fed to kick it back and they didn’t. The only country to have really pushed back against this with monetary policy is Turkey. No one has used aggressive rate hikes, and I don’t think they will. The countries that we expect will bounce back well will be Mexico, central Europe and Korea. The ones to avoid for the longer term are Brazil, South Africa, Chile and Russia.”

Insight Investment, head of currency management Paul Lambert: “As for the dollar, it has failed to appreciate against European currencies despite the market pricing in expectations of Fed tapering and the publication of better than expected U.S. economic data. The main reason is that has been that while policy is expected to be less loose in the U.S. as the Fed taper their bond purchases, the ECB started shrinking their balance sheet as long ago as the middle of last year. Looking forward, it is likely that the dollar will continue to face headwinds if data in Europe continues to beat expectations by a greater margin than in the U.S. The story for EM is a bit different. Rising bond yields in the U.S. and Europe implies a rise in the global cost of capital. This is problematic for any country that funds a current account deficit with portfolio flows. If you look at a chart of the 10-year U.S. bond yield and the U.S. dollar against currencies such as the Turkish Lira, the South African rand or the Indian Rupee you will see the lines look remarkably similar. In other words, it’s all one trade and it’s all about funding.”

BNP Paribas, currencies strategist Steven Saywell: “We are still looking for the taper to start in December, but for foreign exchange, it doesn’t matter when it starts. It’s whether they are going to taper or not. These are really tough markets, even if you have a strong dollar view, as we have. It has been tough for us – we were stopped out of a long dollar position against the Swiss franc, for example. We have had clients haemorrhaging money all over the place. People have been expecting the dollar to climb against other major currencies, but it just hasn’t. The break higher in the euro above $1.34 earlier this week caught a lot of people out. Our view is that dollar weakness against other major currencies like the euro and sterling is not fundamental and will not last.”

C-View, portfolio manager Colin Harte: “What we have seen is probably an overreaction in the emerging market sell-off, especially on Mexico and Brazil. Over the next days we are likely to see some bottom fishing in emerging markets with value buyers. We hold a number of cross positions, even if we have reduced our overall exposure in particular given low liquidity conditions in the market which can lead to sharp moves. We like India against the rand and we still have a small position there.”

Barclays, analyst Michael Gapen: “The march to ‘Septaper’ continues. Treasury yields gapped higher, equities declined, and the dollar strengthened following the release of the minutes of the July Federal Open Market Committee meeting, the contents of which do not alter our outlook for a tapering of asset purchases at the September meeting. The FOMC appeared comfortable with where market expectations were for the timing of tapering and the onset of policy rate hikes heading into its July meeting and reaffirmed that purchases would end when tcalendar dateshe unemployment rate was in the vicinity of 7%.”

SLJ Macro Partners LLP, co-founder Stephen Jen: “The timing of the taper doesn’t matter. People are debating September, October or December. Give me a break. The economy is turning. Developed-market economies are bottoming out. The monetary policy we have is no longer appropriate, and there will be a gradual shift over time. How much further can these sell-offs run? Whatever you think is reasonable, double it. These things always overshoot.”

Deutsche Bank, analyst Alan Ruskin: “The July FOMC quotes show a Fed that did not wish to alter the message it gave following the June FOMC meeting and the semi-annual statement and did not wish to alter market expectations, taking a view that the market had essentially heard the message appropriately. That does not smack of a Fed going out of its way to fight the back-up in bond yields at the time, which is partly why Treasuries have sold off. Most other asset markets are taking their lead from Treasuries, and the minutes provide no obviously relief for the stresses in the emerging-market world.”

Citigroup: “The drums of interventionism will begin to sound louder and louder in emerging markets, as some of the high-yield currencies trade under violent pressure. The price action we had in the Brazilian real yesterday despite some central bank intervention was violent, and indicative of some panic among local accounts.”

Commerzbank, currencies strategists: “The curtain is closed and all questions remain open. When will the Fed start tapering? Anyone who hoped to find a concrete answer in the July FOMC minutes yesterday was disappointed. Nevertheless, nothing in the minutes ran counter to what most market participants expect, namely a start in September.”

BNP Paribas, currencies strategists Vassili Serebriakov and Daniel Katzive: “That re-affirmation [that tapering will start by the end of the year] is more important for the dollar than the uncertainty about the timing of tapering, which in our economists’ view is still more likely to materialize in December. Another key takeaway is that the Fed and by implication the dollar will remain highly sensitive to incoming data which, according to the minutes, could trigger a re-adjustment of asset purchases without the need for such a move to be ‘pre-announced’.”

Societe Generale, currencies strategist Guillaume Salomon: “The reaction of the market to the minutes last night shows the extent to which many investors are still unwilling to believe in Fed tapering as soon as the September meeting and beyond. [Moreover] the strength of upcoming U.S. data could create more shockwaves for emerging-market assets. An interesting lesson so far this week has been that of Turkey. We like the policies of the central bank. The twin rates corridor has been very efficient at stabilizing the lira in 2011 and to reduce its volatility in 2013.”

Morgan Stanley, head of foreign exchange strategy Hans Redeker: “Currency markets behaved like dominos with the U.S. starting its rally against commodity currencies, spilling over to the Scandies and finally reaching sterling. The release of the Fed minutes, which offered no new developments, launched the next round of dollar strength, this time driven by U.S. 10-year bond yields reaching a new cycle high at 2.91%. Interestingly, the release of stronger-than-expected Chinese [economic] data did little to calm markets, suggesting investors are drifting towards a more pessimistic interpretation of economic developments.”

Rabobank, fixed income strategist Lyn Graham-Taylor: “The fact that no hurdle to tapering ‘sooner rather than later’ was raised means that the minutes have been interpreted as slightly hawkish – with a selloff in Treasurys. If economic conditions developed as anticipated, purchases would be moderated this year and be concluded around the middle of 2014.”